Business
Results for the six months ended 30 September 2025
Tungsten West PLC reported a loss for the six months ended 30 September 2025 of £40.4 million, significantly impacted by a £37.0 million non-cash fair value adjustment to convertible loan notes. The company raised £5.2 million through convertible loan notes and ended the period with £1.0 million in cash reserves, while the operating loss was £3.8 million. Despite these figures, an updated feasibility study showed strong economic returns, and market prices for tungsten and tin are currently well above the study's assumptions. Post-period, a £4.0 million bridge facility was secured, and agreements are in place for the conversion of convertible loan notes to equity, subject to shareholder approval, with project financing expected in Q1 2026. Disclaimer*
About this update from Tungsten West Plc
[{"type":"text","content":"\n\n \n24 December 2025\n \nTungsten West Plc\n(\"Tungsten West\", the \"Company\" or the \"Group\")\n \nHalf Year Results for the six months ended 30 September 2025\n \nTungsten West (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon, UK (\"Hemerdon\" or the \"Project\"), is pleased to announce its half year results for the six months ended 30 September 2025 (the \"Period\").\nPeriod Overview:\n• Completion of an updated feasibility study demonstrating strong economic returns using pricing assumptions of US$400 per metric tonne unit (\"MTU\") for tungsten and US$32,500 per tonne for tin, both now materially below prevailing spot prices.\n• Tungsten and tin market prices now are tracking above US$800/MTU and US$40,000 per tonne, well above pricing levels used in the feasibility study.\n• Commencement of the project financing process to secure debt and equity funding to re-start operations.\n• Continued investor support, with £5.2 million raised through the issuance of convertible loan notes (\"CLNs\") across two tranches.\n• Alistair Stobie stepped down as Chief Financial Officer and resigned as a Board member. Phil Povey was appointed Interim Chief Financial Officer of the Company.\n• Cash reserves of £1.0 million at 30 September 2025.\n• Operating loss for the Period of £3.8 million.\n• With the backdrop of the positive feasibility study results and favourable tungsten and tin market conditions, the Company's share price increased from 3.625p on 1 April 2025 to 8.75p on 30 September 2025. Given the expected exercise price of 3p per share for the CLNs, this increased share price over the period resulted in a £37.0 million non-cash fair value adjustment to the CLNs, leading to a total loss for the Period of £40.4 million.\n \nPost Period Overview: \n• T...